Bank of Namibia Rejects Bitcoin Exchanges on Basis of 50-Year-Old Law

Bank of Namibia Rejects Bitcoin Exchanges on Basis of 50-Year-Old Law

 

Namibia’s central bank, Bank of Namibia,

has claimed that virtual currency exchanges have no place in the African country, under its decades-old law. The central bank also announced that merchants in the country may not accept cryptocurrencies, like Bitcoin, as payment for goods and services. In its latest position paper as of mid-September 2017, the Bank of Namibia explained that Bitcoin and other digital currencies present only a “minimal” threat to its monetary policymaking role. However, it claimed that the cryptocurrencies are not authorized in the country under the Exchange Control Act of 1966.

Part of the position paper reads:

"In addition to the bank not recognizing virtual currencies as legal tender in Namibia, it also does not recognize it to be a foreign currency that can be exchanged for local currency. This is because virtual currencies are neither issued nor guaranteed by a central bank nor backed by any commodity."

Other highlights of the central bank’s position paper

The Bank of Namibia mainly cited previous reports by the International Monetary Fund (IMF) and the Financial Action Task Force (FATF) in its position paper. Among the familiar points that it raised, are the possible use of digital currencies on money laundering activities, the perceived shortcomings of a currency without support by a government or a commodity, and the potential benefits of the cryptocurrencies’ underlying distributed ledger technology, or Blockchain technology to the financial system. The central bank reiterated that it cannot endorse any activity involving virtual currencies, despite their ability to facilitate remittances and other consumer payments due to the lack of a

legal premise.

"Virtual currencies cannot be used to pay for goods and services in Namibia. For example, a local shop is not allowed to price or accept virtual currencies in exchange for goods and services. Users of virtual currencies should, therefore, exercise caution when dealing in this type of currencies or when comparing it to e-money.”

Bitcoin taking hold in Africa

In Africa, it is Kenya, Nigeria and South Africa that are the pioneers of cryptocurrency, but as the world of Bitcoin spreads, places like Tanzania are starting to show growth.

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Japan Becomes Largest Bitcoin Market as Traders Leave China

Japan Becomes Largest Bitcoin Market as Traders Leave China

 

Japan has once again become the largest Bitcoin exchange market

with 50.75 percent market share of the global Bitcoin exchange market. Analysts including BitFury Vice Chairman George Kikvadze attributed the surge in the trading volume of the Japanese Bitcoin exchange market to the exit of Bitcoin traders in China. Earlier this week, the Chinese government, local authorities and financial regulators officially requested Chinese Bitcoin exchanges and trading platforms to halt their services by the end of September. OKCoin and Huobi, the two largest exchanges in China, were granted leeway to operate until Oct. 30, considering the fact that they have not been involved in any initial coin offerings (ICOs) in the past.

But, it seems as if traders are not willing to take any chances with the Chinese government and their unpredictable nature. The Chinese Bitcoin exchange market’s daily trading volume has halved within a period of three days, from 15 percent to less than seven percent. According to various trusted Bitcoin market data providers such as CryptoCompare, China only accounts for 6.4 percent of global Bitcoin trades at the time of reporting.

US market benefits

Prior to the nationwide Bitcoin exchange ban by China, the US exchange market had consistently secured its position as the largest market in the world. However, almost immediately after the announcement of the country’s three largest Bitcoin exchanges, BTCC, Huobi and OKCoin, were released, traders moved over to the Japanese Bitcoin exchange market. The abrupt migration of traders led to the short-term surge in the trading volume of Japan, allowing the market to overtake the US by over 20 percent in global Bitcoin exchange market share.

Contrary to many negative reports, prominent developers, analysts, researchers and experts within the cryptocurrency and Blockchain sectors including Litecoin creator Charlie Lee and billionaire investor Tim Draper expressed their optimism toward the shutdown of the Chinese Bitcoin exchange market. Lee emphasized that the Chinese government will no longer be able to manipulate the market, as it had done since 2013.

Lee says:

“This is a good thing. China can no longer play with the markets by banning Bitcoin. Cryptocurrency cannot be killed by any country. One solution to centralized exchanges is decentralized ones. I hear the Decred Project team has something cooking that helps with that.”

Bitcoin stabilization

As Lee emphasized, the exit of the Chinese Bitcoin exchange market should really only have affected around 10 to 15 percent of traders in the global Bitcoin exchange market. Yet, speculators and impatient traders initiated a major sell-off as the Chinese government banned exchanges, leading to a major correction on Bitcoin price.

Over the next few weeks, the global Bitcoin exchange market will stabilize, as traders move from the Chinese market to South Korea and Japan, two markets that have developed significantly more efficient regulations, industry standards and policies for both cryptocurrency exchanges and users. It is likely that as Lee and Draper noted, the closure of the Chinese Bitcoin exchange market could lead to the stabilization of the global Bitcoin exchange market, which may be beneficial for Bitcoin in the long run.

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Julian Assange Supports Bitcoin As Ways to Free Catalonia From Spain’s Dictate

Julian Assange
Supports Bitcoin As Ways to Free Catalonia From Spain’s Dictate

 

A recent report from BBC News

indicates that the Spanish government will seize control of the finances of the autonomous region of Catalonia within 48 hours, if they don’t stop the ‘illegal’ referendum vote regarding independence. Jullian Assange, the freedom-touting founder of Wikileaks, quickly tweeted his support of the referendum, as well as a comment on the importance of

Bitcoin in this regard.

Why all freedom loving people and states need Bitcoin part 29192:

— Julian Assange

Support from Wikileaks

The vote was proposed after years of the wealthy region paying into the central government far more than it received in public services. The Spanish government has threatened to take control of all financial transactions in order to stop the spending of state funds on illegal acts. Spain’s finance minister Cristobal Montoro is

categorical:

"These measures are to guarantee that not one euro will go toward financing illegal acts.”

Paying for independence

The reality that Bitcoin represents a non-government controlled currency that can function without centralized government systems, makes it immune to geopolitical upheaval. This value-stability principle is what has made many industry insiders call it ‘digital gold.’ Assange’s post would indicate that those who desire freedom of finance and removal of government strong-arming and restrictive practices, should be heavily in favor of Bitcoin and other cryptocurrencies. As liquidity and use-cases for Bitcoin increase, its position as a supra-governmental currency will continue to stabilize.

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China’s Stricter Bitcoin Regulations Will Strengthen Hong Kong Market

China's Stricter Bitcoin Regulations Will Strengthen Hong Kong Market

 

On September 15, the Chinese government and local financial regulators

officially requested Chinese exchanges and trading platforms to shut down by the end of September. OKCoin and Huobi, the two largest exchanges in China, were granted leeway to operate until the end of October. Rather strangely, bitcoin price rebounded from $2,900 to $3,600 as the Chinese government and local exchanges confirmed the nationwide suspension of exchanges. Many analysts explained that traders were looking to purchase the dip, which justifies the abrupt $800 increase in bitcoin price within a 24-hour period. Many investors, traders and analysts still remain optimistic in regard to China’s ban on exchanges because throughout 2017, the Chinese bitcoin exchange market only accounted for approximately 10 to 13 percent of global bitcoin trades.

Regulatory friendly region

More to that, in an interview with the South China Morning Post, Bitcoin Association of Hong Kong Leonhard Weese noted that China’s restrictions on bitcoin trading and usage will drive businesses to Hong Kong and nearby countries like Japan and South Korea.

Weese told South China Morning Post:

“People in China will be more careful about marketing these events, and a lot of that marketing activity will come to Hong Kong in the form of conferences and communities,”.

Since early 2015, Hong Kong has been praised for being a regulatory friendly region for bitcoin and blockchain startups. Still, unlike China, South Korea and Japan, Hong Kong’s bitcoin and cryptocurrency exchange markets have struggled to demonstrate exponential growth. For the past three years, only 1 Hong Kong-based bitcoin exchange Bitfinex was able to evolve into a major global bitcoin trading platform. But, Weese emphasized that if China continues to crackdown on bitcoin and cryptocurrency-related businesses, it will further drive growth to Hong Kong.

Unfairly punished

It is important to acknowledge that leading bitcoin exchanges like OKCoin, Huobi and BTCC, the three largest exchanges in China, were unfairly punished for their cooperation with the government. Over the past 12 months, the entire Chinese bitcoin industry has closely collaborated with local authorities in order to establish transparent industry standards and to improve the Chinese bitcoin exchange market. Instead, they were ultimately shut down by the powers, despite having allocated massive amounts of capital and resources to comply with the demands of the

Chinese government.

Chinese #bitcoin exchanges worked with the government, allocating substantial resources to improve the market & they were punished instead.

— Joseph Young

It is difficult to imagine that startups with limited capital and even large-scale bitcoin companies will be willing to undergo the same path Chinese bitcoin exchanges have taken just to be shut down and terminated by the authorities. In the upcoming months, as BTCC, OKCoin, Huobi and other bitcoin exchanges continue to expand their international services, Hong Kong, South Korea and Japan will likely experience rapid growth in terms of bitcoin users, trading activity and conferences.

Thai Securities and Exchange Commission Supports Creation of ICO Laws

The Securities and Exchange Commission in Thailand (SEC Thailand)

has announced that it is supporting the drafting and implementation of regulations covering initial coin offerings (ICO). The commission claimed that this is necessary as some coin sales may be considered as a securities offering under the country’s laws.

Tokens only facilitate fraud against unwitting investors

According to SEC Thailand, some ICOs may be considered as financial returns, rights and obligations, thus, should be subjected to existing regulations that cover them. The agency also warned that some token sales are only meant to facilitate fraud against unwitting investors. However, the SEC showed that it is willing to support ICOs, as well as the creation of laws to regulate them.

Part of the agency’s statement reads:

"The SEC Thailand encourages access to funding for businesses, including high potential tech startups, and realizes the potential of ICO in answering startups' funding needs. In cases where an ICO constitutes offering of securities, the issuer will need to comply with applicable regulatory requirements under the SEC Thailand's purview."

The statement further adds:

"…to strike a balance between supporting digital innovation and protecting investors from potential ICO scams, the SEC Thailand is considering appropriate approaches on ICO and welcomes comments and suggestions from the private sector.”

Positions of other countries on ICOs

Several securities regulators worldwide have also issued their positions on ICOs in the previous weeks. In Canada, the Canadian Securities Administrators (CSA) claimed that many of the virtual currencies probed by regulators fall under the definition of a security and should be subject to a range of legal requirements.

In Singapore, the Monetary Authority of Singapore (MAS) has issued an advisory, advising prospective investors to investigate and determine the risks when participating in token sales. In the US, the Securities and Exchange Commission (SEC) has claimed that the sale and issuance of digital tokens should be subjected to the country’s federal securities law. Such moves should not be confused with governments having the ability to ban Bitcoin since they are mainly targeting companies looking to raise money from their self-created tokens.

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Chase Bank Buys Bitcoin Even as Jamie Dimon Rejects It

Chase Bank Buys Bitcoin Even as Jamie Dimon Rejects It

  Chase Bank Buys Bitcoin Even as Jamie Dimon Rejects It

Chase Bank CEO Jamie Dimon recently rejected Bitcoin

as a ‘fraud,” likely causing additional sell offs after the news of the Chinese exchange ban was released. The financial guru commented that Bitcoin was in a bubble not unlike the famous Tulip bubble during the 17th century. However, in a somewhat surprising move, JP Morgan purchased a large block of Bitcoins just after the CEO’s harsh criticisms, according to a careful observer

on Twitter.

We see you

— I am Nomad

The user 'I am Nomad’ posted the tweet including a screen shot of the BTC chart with the JP Morgan Chase purchase circled. There has been some commentary by industry insiders that banks have a vested interest in seeing Bitcoin fail, even while they are seeking to join the upswing in potential profits. Chase bank is no different, apparently, based on the information which has recently come to light.

Growing mainstream financial acceptance of the cryptocurrency, including widespread increase in hedge funds and institutional investors would indicate that the predictions of Jamie Dimon and other bears may not be sound.

Fundstrat Founder Tommy Lee Unfazed By Bitcoin Drop

 

Tommy Lee, the notoriously bearish financial analyst

and founder of Fundstrat, affirmed his position that Bitcoin is the best investment through the end of the year. Lee continued to espouse his strongly bullish position on an interview with CNBC, in spite of the recent double-digit drop. Other analysts have expressed strong disdain for the digital currency, including Chase’s Jamie Dimon, who recently called the cryptocurrency a ‘fraud,’ and opined that governments would soon step in and regulate the currency.

No bubble

Lee, who predicts a Bitcoin price of $25,000 in the next five years, says that Bitcoin cannot be in a bubble, in spite of the substantial price run up in the past year. Lee answered Bitcoin critics

by saying:

"We have some data. There's only about 300,000 holders of at least $5,000 of Bitcoin. That’s like saying the iPhone was a bubble in 2007, four days into the sale because there were 500,000 iPhones sold.”

Whether Lee is right or not, the market has certainly rebounded from the sub-$3,000 levels after the announcement of Chinese exchange closures.

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Beijing cryptocurrency exchanges told to announce trading halt

Beijing cryptocurrency exchanges told to announce trading halt: source

SHANGHAI (Reuters) – Chinese authorities have ordered Beijing-based cryptocurrency exchanges to stop trading and immediately notify users of their closure, signaling a widening crackdown by authorities on the industry to contain financial risks. Exchanges were also told to stop allowing new user registrations as of Friday, according to a government notice. The notice was signed by the Beijing city group in charge of overseeing internet finance risks and circulated online. A government source verified it to Reuters.

Platforms should also tell the government by Wednesday Sept. 20 how they will allow users to make withdrawals in a risk-free manner and handle funds to make sure investor interests are protected, according to the notice, which was also reported by state newspaper Securities Times.

“All trading exchanges must by midnight of Sept. 15 publish a notice to make clear when they will stop all cryptocurrency trading and announce a stop to new user registrations,” the government notice said. China is cracking down on the cryptocurrency business to try to limit risks as consumers pile into a highly speculative market that has grown rapidly this year. Reuters and other media reported earlier this week that it planned to shut down the exchanges.

Shanghai-based BTCChina, a major Chinese bitcoin exchange, said on Thursday it would stop all trading from Sept. 30, citing tightening regulation. Smaller Chinese bitcoin exchanges ViaBTC, YoBTC and Yunbi on Friday announced similar closures. Beijing-based platforms OkCoin and Huobi, which are among China’s biggest exchanges, said late on Friday that they planned to stop yuan-based trading by Oct. 31. By (10.06 a.m. ET) 1406 GMT, BTC’s price was down 7.63 percent at 19,797.00 yuan ($3,024.71). The bitcoin price was down 5 percent at $3,071 at 1036 GMT on U.S. exchange Bitstamp. The bitcoin price index on trade website Coindesk slid below $3,000 for the first time in six weeks.

Bitcoin fell by more than 10 percent on Wednesday after a warning by JPMorgan Chief Executive Jamie Dimon that it “is a fraud” and will eventually “blow up”. Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, told a conference in Shanghai that global regulators should work together to supervise cryptocurrencies. “Digital tokens like bitcoin, ethereum that are stateless, do not have sovereign endorsement, a qualified issuing body or a country’s trust, are not legal currencies and should not be spoken of as digital currencies,” he said.

“They can become a tool for illegal fund flows and investment deals.”

He said there should be a distinction between digital currencies, which were being studied and developed by authorities such as the Chinese central bank, and digital tokens such as bitcoin. Digital currencies developed by authorities could be used for good, with the right regulation, he said. The state-backed internet finance body was set up by the central bank, and its members include banks, brokerages, funds and consumer finance companies. On Wednesday, it urged members to abide by Chinese laws and not deal in cryptocurrencies.

Since January, Chinese bitcoin exchanges have rolled out a series of changes to comply with increased scrutiny by Beijing. But they were thrown into chaos on Sept. 4 when China issued a directive banning initial coin offerings (ICOs). China’s crackdown “is all about protecting market stability and protecting the interest of investors, so halting these kinds of initial coin offerings is a very necessary action,” Li said. Vlad Zamfir, a researcher at the Switzerland-based Ethereum Foundation, told Reuters that it was no surprise China is moving against such currencies. Beijing has capital controls, he said, that are “in direct tension with the free ability to send any amount of money anywhere without any kind of delay”.

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2 of China’s biggest cryptocurrency exchanges are shutting down trading — but bitcoin is soaring

2 of China's biggest cryptocurrency exchanges are shutting down trading — but bitcoin is soaring

 

Two of the largest cryptocurrency exchanges in China

NEW YORK – Two of the largest cryptocurrency exchanges in China, OKCoin and Huobi, have released statements saying they will shutdown all trading between bitcoin and yuan on their exchanges by October 31. They released seperate announcements on their websites Friday morning. Trading between digital coins will still be permitted for the time being, however. Bitcoin, which was reeling amid reports Thursday of a crackdown on Chinese cryptocurrency exchanges by regulators, is actually rallying now. The cryptocurrency was up 14.1% at $3,706 a coin at 10:59 a.m. ET Friday.

The price of bitcoin collapsed 16% against the dollar on Thursday and continued its slide until early Friday morning amid uncertainty about the future of the cryptocurrency and other digital coins in China, one of the biggest markets for cryptocurrencies. On Thursday,  BTCChina, the second largest Chinese exchange, said it would stop trading at the end of the month. Yunbi, another cryptocurrency exchange, also announced it would shut its trading operations on Friday, according to CoinDesk, the cryptocurrency news site.  

Thursday night, however, there were some signs that Chinese regulators could have a change of heart. Charlie Lee, the creator litecoin, one of the largest cryptocurrencies by market cap, tweeted that OKCoin and Huobi, another leading cryptocurrency exchange, were set to meet with regulators on Friday. Many people in the cryptocurrency community viewed this as a possible turning point, hoping the exchanges would be able to convince regulators to "change their tune." Li Lihui, a senior official at the National Internet Finance Association of China and a former president of the Bank of China, said on Friday that regulators from different countries should collaborate on cryptocurrencies, according to reporting by Reuters. 

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Bitcoin, Ether in bear market territory after declines

Bitcoin, Ether
in bear market territory
after declines

  Bitcoin is down about 30% over the past two weeks

Precipitous declines in prices for bitcoin and Ether in the wake of a potential crackdown on exchanges by Chinese authorities have shaved nearly $40 billion off the combined market capitalization of the cryptocurrencies over the past two weeks. The price of a single bitcoin BTCUSD, -11.25%  tumbled nearly 8% on Thursday to $3,565, and has fallen nine of the last 13 days. Unlike stocks and bonds, bitcoin trades every day without a set closing time.

Bitcoin is now down nearly 30% from its peak at above $5,000 on September 1. This is a second drop of this magnitude in less than three months. Between June and mid-July, bitcoin prices fell 33%, largely due to fears surrounding the eventual upgrade of bitcoin’s software code and branching out of the Bitcoin Cash. Still, bitcoin is up about 250% since the start of the year with a market cap of $59.3 billion.

The most recent bout of selling of bitcoin began when China’s regulators declared so-called initial coin offerings illegal, dealing a blow to all digital currencies. The selloff accelerated on Tuesday, after J.P. Morgan Chase CEO Jamie Dimon called the cryptocurrency a fraud that was “worse than the tulip bulbs” and that “won’t end well”. Meanwhile, BTCC, a bitcoin exchange, said its China-based exchange will end all operations on Sept. 30 following unverified reports that Chinese authorities are preparing to ban cryptocurrency exchanges.

Prices of Ether, a blockchain currency that trades on the Etherium platform, plunged 13% to $240 and is down nearly 40% from its peak at $393 on Sept. 1. Ether’s market cap is at $23.5 billion. Ehter prices appreciated at a much faster rate this year, with the digital currency still up 3,000% since the end of last year. Acceptance of digital currencies varies from country to country. While many developed countries in the West and Asia allow digital currencies to be accepted as payments and have rules about taxation of gains, some emerging countries view them as an illegal form of payment.

Namibia’s central bank recently issued a paper outlining its unfavorable view of cryptocurrencies. The bank said under national laws merchants in the country cannot accept digital currencies as payment for goods and services, while cryptocurrency exchanges were also not allowed. Some experts think the wider acceptance and government approval is not as certain as bitcoin investors expect. “The current pricing assumes massive adoption, and I don’t think governments will allow the amount of adoption that’s currently priced in,” said Mohamed El-Erian, chief economic adviser at Allianz Global Investors, on CNBC Wednesday morning.

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Bitcoin Price Drops Below $3,500, But Is Relief Rally In Sight?

 

 

The bitcoin-US dollar exchange (BTC/USD) rate fell

to a fresh four-week low of $3,413 this morning following reports that Shanghai-based bitcoin exchange BTCC will shut down its domestic trading operations effective September 30. As such, the announcement is the latest that supports the rumor regulators are preparing a formal ban on domestic bitcoin exchanges. Long liquidations in BTC markets have gathered pace amid fears that a confirmation from the People's Bank of China will follow over the next few days. According to data from CoinMarketCap, bitcoin's price has shed 11 percent over the last 24 hours. The drop seen today has taken the week-on-week losses to 24 percent. Month-on-month, the cryptocurrency is down 19 percent. Though driven lower by the bearish news flow, the sell-off should not come as a surprise as price action analysis favors the downside toward $3,000.

Let's have a look at new developments on the technical charts that corroborate the bearish view presented 24 hours ago.

  • Yesterday's price drop was accompanied by the highest volume since July 20. This indicates that the sell-off has substance and corroborates the bearish bias.
  • Bitcoin closed below the 50-day moving average for the first time since July 20.
  • The 38.2 percent Fibonacci retracement level has been breached to the downside. The 50 percent Fibonacci retracement level stands at $3,398.
  • The chart above shows the 10-week simple moving average (SMA) is still sloping upwards, which indicates that the sell-off from the record high of $5,000 is a healthy technical correction. Moreover, at $5,000, the rally looked overstretched with the 10-week MA lagging significantly.
  • Confluence of key Fib levels is noted at the $3,400 levels [38.2 percent Fib retracement of the March low – September high and 50 percent Fib retracement of the July low – September high].
  • Bitcoin has already retracted close to 50 percent of the July–September rally. With the 1-hour and 4-hour RSI hovering in the oversold territory, the dips below the upward sloping 10-week SMA could be short lived.
  • A move higher to $3,750-3,800 cannot be ruled out before another round of sell-off unfolds.
  • In the long-term, BTC looks set to test $3,000 levels.   

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  •  

Bitcoin Drops Below $4,000 as Market Turns Uncertain

 

After mounting a modest recovery in the wake of rumored regulatory scrutiny,

the price of bitcoin is back below $4,000. The average price of bitcoin across global exchanges fell below $4,000 at roughly 3:15 UTC today, hitting a low not observed since September 10. The movement followed a period in which the bitcoin price repeatedly tested $4,000, but succeeded in staying above the barrier.

All in all, the move comes during an uncertain time for the cryptocurrency market, which has seen a period of sideways trading following a torrid first half in 2017. With the recent decline, the price of bitcoin is up just 1.7 percent over the last month, though it has still appreciated nearly 300% this year. Likewise, the broader cryptocurrency markets have seen similar activity, rising 3.4% over the last 30 days, but declining more than 17 percent from its highest point during the period, according to CoinMarketCap.

As for the current sentiment, continued rumors that China could move to close domestic order-book exchanges have no doubt concerned more casual investors (while providing opportunities for profit-taking from long-term bulls). Fanning the flames have been statements from notable community figures that appear to attest to the accuracy of the claims, though details on the primary sources for that information have not been forthcoming. China-based exchanges continue to operate normally at press time, indicating they have yet to be notified of any operational changes.

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